An in-depth experimental investigation was conducted into the use of a graphene oxide-based saturable absorber implemented on a side-polished fiber platform for femtosecond pulse generation in the 2 μm region. First, it was experimentally shown that an all-fiberized thulium-holmium (Tm-Ho)-codoped fiber ring laser with reduced cavity length can produce stable femtosecond pulses by incorporating a graphene oxide-deposited side-polished fiber. Second, the measurement accuracy issue in obtaining a precise pulse-width value by use of an autocorrelator together with a silica fiber-based 2 μm-band amplifier was investigated. It showed that the higher-order soliton compression effect caused by the combination of anomalous dispersion and Kerr nonlinearity can provide incorrect pulse-width information. Third, an experimental investigation into the precise role of the graphene oxide-deposited side-polished fiber was carried out to determine whether its polarization-dependent loss (PDL) can be a substantial contributor to mode-locking through nonlinear polarization rotation. By comparing its performance with that of a gold-deposited side-polished fiber, the PDL contribution to mode-locking was found to be insignificant, and the dominant mode-locking mechanism was shown to be saturable absorption due to mutual interaction between the evanescent field of the oscillated beam and the deposited graphene oxide particles.